Data by D-Tools: Evolution of Payment Processing Report
The D-Tools Payment Processing Special Report, based on early data from the D-Tools Payments embedded solution launched in September 2024, reveals integrators' usage patterns and costs associated with credit card and ACH payments for deposits, progress payments, and service agreements, highlighting a strong interest (88%) among users for more efficient payment management and upcoming software updates to track job costs and offset processing fees.
What percentage of your payments from clients do you collect via credit card versus wire transfer? Do you prefer ACH or wire transfers for deposits, progress payments or service agreements? What is your average credit card transaction amount and how much of that are you paying in a merchant rate for processing?
These are just some of the burning questions answered in the D-Tools Payment Processing Special Report, which offers some benchmark data regarding how (and how much) integrators are using various forms of payment processing methods.
The data is mostly drawn from the first few months of the implementation of D-Tools Payments, an embedded payments solution in D-Tools Cloud. D-Tools Payments tracks both credit card and ACH direct payments made by customers to integration companies for deposits, progress payments and services agreements. In just a few months, millions of dollars in transactions have been processed through D-Tools Payments, which has led to some eye-opening information that can help integrators manage payments transactions more effectively. Moreover, there are updates coming to the software that will allow integrators to track job costs and offset payment acceptance fees.
Prior to the launch of D-Tools Payments, which officially debuted in early September 2024, D-Tools conducted a survey of a small sample of D-Tools Cloud customers that rely daily on the software. The desire for a more efficient method of managing payments was apparent, with nearly all (88%) responding they would be interested in exploring and testing a new payments solution for their integration business.
Typically, for integrators to begin to accept credit cards and ACH payments from their clients, they must first sign up for a merchant account with either the major card networks like VISA or MasterCard, or with a financial institution for ACH debit or credit transfers. Both avenues required the integrator to undergo an underwriting process that entails providing personal and business information such as home and business address, tax identification number, Social Security Number, average revenue and transaction volumes, etc.
Download this free report to get the details on how payment processing is evolving and use the information as a guidepost for your own payment collection methods.
Related
D-Tools Payments FAQs
D-Tools Payments is a secure, fully embedded payment processing solution within D-Tools Cloud that streamlines financial management by offering fast, flexible payment methods, detailed reporting, simplified transaction management, transparent pricing with transaction fees, advanced security, and dedicated support to enhance operational efficiency.
D-Tools Cloud Software Integration with CardConnect Expedites Payment Processing
D-Tools Cloud, a bidding and proposal software for AV integrators, now integrates with CardConnect's secure credit card and ACH payment processing platform to streamline project approval and initial deposit collection within the proposal acceptance workflow.
D-Tools Payments Terms of Service
The D-Tools Payments Terms of Service, effective May 7, 2024, outlines that D-Tools provides embedded payment processing services including credit card and ACH transactions with specified fees varying by subscription plan, imposes ancillary fees for chargebacks and disputes, and reserves the right to increase transaction fees if certain thresholds related to American Express usage, corporate card volume, or high-value transactions are exceeded, subject to prior written notice to the merchant.
Customer Success Story: Using D-Tools Payments Pays Off for SimpleHome
Michael Moore, managing partner at SimpleHome LLC, significantly improved his payment-processing system by using D-Tools Payments, which streamlined invoicing by integrating payment requests directly after proposal acceptance, reduced time spent on invoicing and chasing payments, increased ACH payments by eliminating credit card fees, and ultimately resulted in faster payments, less wasted time, and a clearer, more natural payment experience for clients.
4 Key Considerations for Managing Your ACH & Credit Card Payments
The article discusses how integrators have shifted from traditional payment methods to accepting credit cards, ACH, and wire transfers, highlighting the importance of accommodating customer payment preferences and introducing D-Tools Payments—a secure, embedded solution that streamlines payment processing, offers transparent fees, faster ACH transactions, and financial reporting, with early adopters praising its impact and providing key data insights for managing payments effectively.
Cloud Project Management Software | D-Tools
D-Tools Cloud is a comprehensive SaaS platform tailored for modern AV, security, and low-voltage integration businesses, offering integrated tools for managing sales proposals, project workflows, inventory, purchasing, recurring service plans, and payments, all powered by access to a vast product database of 1.6 million items from over 1,200 brands to streamline operations, improve accuracy, and accelerate deal closure and project delivery.